The Federal Government has formally requested for the extension of the tenor of the World Bank-assisted $160 million job creation grant by 12 months due to its inability to fully implement the Growth and Employment in States (GEMS) projects. The objective of the GEMS project, which is being supervised by the Ministry of Finance and […]
The World Bank and the Central Bank of Nigeria (CBN) have indicated their readiness to collaborate on some steps aimed at reviewing the nation’s existing Land Use Act to create enabling environment for the nation’s housing sector’s growth. As a step towards achieving this goal, the World Bank has extended a $300 million lifeline credit […]
The International Finance Corporation (IFC), the private sector lending arm of the World Bank Group, today announced a new $1 billion debt financing for Indorama Eleme Fertilizer & Chemicals Limited, Nigeria. The fund is for the construction of a new fertilizer line that will expand the company’s capacity of urea fertilizer to more than 2.8 […]
Diaspora Nigerians wired $22 billion home in 2017, representing the highest in Africa and fifth largest remittance by immigrants globally. According to the latest report on global remittances during the year published today by the World Bank, Egypt received $20 billion from its citizens abroad. The Breton Woods institution reported that the said payments from […]
The World Bank on Wednesday disclosed that Nigeria, South Africa, and Angola accounted for about 60 percent of Sub-Saharan Africa’s (SSA’s) Gross Domestic Product (GDP) in 2017. Giving this hint at the ongoing IMF/World Bank Meetings in Washington DC, the Managing Director, International Monetary Fund (IMF), Christine Lagarde, said that growth outlook for Sub-Saharan Africa […]
The World Bank today flagged off a workshop on its Environmental and Social Framework (ESF) in Abuja. The workshop was organised as part of the bank’s efforts to create understanding of the environmental and social requirements it would be applying to new projects it will be financing in the country effective from October this year. […]
A new report by the Global Progress Report of the Sustainable Banking Network, an IFC-supported organization of banking regulators and associations, has indicated that Nigeria is leading other African countries in the implementation of sustainable finance for development. Specifically, the findings of the report of the Sustainable Banking Network, an IFC-supported organization of banking regulators […]
Nigeria’s Minister of Finance, Mrs. Kemi Adeosun, has called for the designation of tax malpractices by multinational corporations in Nigeria and other developing countries as ‘foreign corrupt practices’.
The World Bank has approved $611 million for the purposes of helping Nigeria address the increasingly worrisome problem of out-of-school children in the country.
The World Bank is collaborating with the Global Covenant of Mayors for Climate & Energy to provide technical assistance and $4.5 billion in funding to help cities around the world better prepare for and respond to the impacts of climate change.